Reddit User Loses $250,000 in ETH to Crypto Airdrop Scam — How Can Investors Stay Safe?
A Reddit user recently fell victim to an elaborate cryptocurrency phishing scam, losing the equivalent of $250,000 in ether (ETH) after responding to a fake airdrop.
The scam first came to light when the Redditor posted details of the incident on the social platform last December. In the post, the victim explained that they had 100 ETH deposited into Aave for lending purposes to generate interest. Shockingly, the user then noticed that 100 ETH had been transferred out of their account unknowingly.
“I am shivering right now,” the post stated. “I had about 100 ETH deposited into Aave for lending to accrue interest and I just noticed that 100 AAVE ETH is transferred out of my account. Please help.”
The Redditor explained that the theft occurred after interacting with what appeared to be a legitimate Frames airdrop.
“This was a quarter million dollar life lesson I hope you learn from,” responded one user, urging more caution with fake airdrops. “Chasing pennies into dark alleys with a wallet full of hundreds…”
Airdrops are common events in which cryptocurrencies distribute free tokens into holders’ wallets. But fraudsters have increasingly used fake airdrops to phish credentials and siphon funds from unsuspecting victims.
The scammer’s wallet shows a pattern of sending worthless fake tokens to other wallets. But the 100 ETH theft was by far the biggest score for the bad actor.
Other successful scams linked to the same wallet include smaller amounts of tokens like PEPE, RIO, and PAAL.
Unfortunately, the Redditor was never able to recover their lost ETH, which is now worth over $250,000. The scammer’s wallet address has since been labeled as “Fake_Phishing270904” to warn other users of its shady activities.
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